Tesla’s shares jumped 6.4% at 11.44am in New York, touching their highest price since Jan 22. The stock is now up about 4% on a year-to-date basis, having recovered from a 45% decline as of early April.
Elon Musk responded to an unprecedented pay proposal from Tesla Inc.’s board by buying about US$1 billion ($1.28 billion) worth of shares, sending the carmaker’s stock soaring into positive territory for the year.
The billionaire bought the shares indirectly through a revocable trust on Sept. 12, according to a regulatory filing released Monday. The purchase coincided with Tesla Chair Robyn Denholm speaking with reporters about the merits of awarding Musk around US$1 trillion worth of stock if the company achieves a series of ambitious market value and performance milestones.
